Three data releases are landing at the same time, 20:30. That’s the first hurdle to clear tonight.
At 20:30 Beijing time tonight, the US preliminary third-quarter GDP estimate, September PCE inflation, and weekly initial jobless claims will all be released. For a consistent set of consensus estimates, this uses AskTraders’ economic calendar for this week: annualized third-quarter GDP is expected at 3.2%, versus 2.2% in the second quarter; core PCE is expected to rise 3.1% year over year, versus 3.0% previously; headline PCE is expected to rise 3.6% year over year, versus 3.4% previously; and initial jobless claims are expected at 196,000, versus 194,000 previously. The first thing to watch at 20:30 is how far the actual figures diverge from these estimates.
At around $80,192 now, down 1.5% over 24 hours, with a 24-hour range of $79,710 to $81,789 and about $1.143 billion in 24-hour spot trading volume. Over seven days, the range is $79,221 to $82,061, down 1.2%, with the current price in the lower half of the seven-day range.
Keep three levels in mind: to the upside, first watch the 24-hour high of $81,789, then the seven-day high of $82,061; to the downside, $79,710 is the 24-hour low, followed by the seven-day low of $79,221. If it holds above $81,789, the next level to watch is $82,061; if it falls below $79,221, the seven-day range will have a new floor.
To put it plainly, let’s be clear about the risks on both sides: if the data comes in stronger than expected, volatility may increase around the release, but a single data point can’t establish a trend. If the data is weaker than expected, volatility may also increase, alongside interpretations of weakening growth and inflation. Either way, until the range breaks, one release won’t change the seven-day picture. One more time to note: the European Central Bank announces its rate decision at 21:15. The 20:30 data releases are just tonight’s first hurdle.
After the data comes out, will you first look at how far it deviates from the 3.2% and 3.1% estimates, or at the $79,710 and $81,789 levels?
#宏观日历 #PCE